Via email, we asked him to expand on what he meant. Basically, in his latest swing through New York City meeting with hedge fund clients, he talked with a lot of folks who had recently made long gold bets (or were looking for it to run), and anti-euro bets.

He writes:

Everyone 'gets' that Cyprus sets an awful precedent. I'm not sure I could find a euro 'dip-buyer' anywhere in the US!! But if you concluded it was terrible news and if you thought deposit tax on top of QE was the final straw that destroys confidence in fiat money, you might be a little annoyed by the size of the move...